Eolus and PNE to cooperate in developing offshore wind farm in Latvia

RIGA, Jan 19 (LETA) - Swedish wind park developer Eolus and German PNE have created a joint venture for developing the Kurzeme offshore wind project in Latvia, LETA learned from the companies.

The wind farm will have approximately 1,000 MW installed capacity with planned commercial operation start before 2030.

The project area is located in the Baltic Sea outside the west coast of Latvia and the wind farm will have potential to generate 4,5 TWh renewable electricity per year.

Eolus has conducted initial studies and developed the project since 2020 and is now adding resources and competence to the project through the cooperation with the German wind developer PNE. As of January 18, PNE has acquired 50 percent of the shares in the project company Kurzeme Offshore, which is now owned 50/50 by Eolus and PNE.

"We have been active in the Baltics for more than ten years and have a solid project portfolio. We see great potential in the Baltic countries, where we are now scaling up our business. PNE is an experienced and competent offshore wind developer, and we look forward to cooperating with them in the Kurzeme project. Together with Eolus' strong development skills we have great pre-requisites to make this a successful project", said Per Witalisson, CEO of Eolus.

"We are keen to bring in our long-term offshore wind experience and know-how to this partnership. Jointly with Eolus as reliable partner, we expect to develop the project successfully. The acquisition of the 50 percent stake in Kurzeme Offshore is a further step in our strategic development in becoming a Clean Energy Solutions Provider. This expands our "pipeline" of offshore wind projects to the Baltics. We see further attractive prospects for our activities in this area and look forward to working with our new partner" explained Markus Lesser, Chairman of the Board of Management of PNE AG.

pplication for the project has been submitted and surveys for the Environmental Impact Assessment (EIA) will be conducted once research license is obtained. The area is subject to an upcoming tender process.

Kurzeme Offshore was registered on June 15, 2022, and has a share capital of EUR 2,800.

Eolus, founded in 1990, is operating in the Nordic countries, the Baltic states, Poland and the US. The company has built 666 wind turbines with a capacity of 1,414 MW.

PNE is developing wind parks and other energy solutions.